9911796707
TMI Blog2023 (1) TMI 1273X X X X Extracts X X X X X X X X Extracts X X X X ..... airperson And Barun Mitra, Member (Technical) For the Appellant: Mr. Ashutosh Ranjan, Ms. Savita Valecha, Advocates For the Respondent: Mr. Karan Valecha, Advocate ORDER Heard Learned Counsel for the parties. 2. This is an Appeal filed against the Order dated 03.11.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Indore Bench) by which Application filed under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his application is filed by the Operational Creditor for execution of terms of settlement agreement dated 07.11.2017. In our considered opinion, the amount arising out of some settlement agreement cannot be termed as operational debt within the meaning of Section 5(21) of the IBC, 2016. 9. Apart from above, it is not in dispute that the Corporate Debtor paid the Operational Creditor the entire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... towards the interest. We sincerely feel that the Operational Creditor has been using the IBC proceeding for recovery of disputed amount and which is not object of the Insolvency and Bankruptcy Code, 2016. On this ground alone, this application is not maintainable. 10. Moreover, there appears to be a dispute about the terms of settlement agreement as far as calculation of interest amount is con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant in the present case is only the application for recovery of balance amount of the interest and application was not filed for resolution of any insolvency of the Corporate Debtor. We are of the view that no error has been committed by the Adjudicating Authority in rejecting Section 9 Application filed by the Appellant. There is no merit in the Appeal, the Appeal is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X
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